MGM Wireless (ASX:MWR) see record revenue and revised guidance

Company News

by Rachael Jones

Technology company MGM Wireless (ASX:MWR) today reported results for 1H FY20 showing revenue up 87 per cent to $7.6 million.

This result was due to strong sales of SPACETALK which grew 140 per cent to $6.3 million including AllMyTribe app sales of $0.5 million.

Net loss is $2.7 million, due to one-off non-cash expense of options issued of $2.4 million.

UK sales were reported for the first time, recording $1.22 million in revenue mostly though Sky, Europe’s leading media, entertainment and telecommunications company, as well as Dixons Carphone’s Currys PCWorld online and the Company’s SPACETALK.co.uk website.

Shares in MGM Wireless (ASX:MWR) are trading 6.1 per cent higher at 18 cents.